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State revenue gets a boost

State revenue gets a boost

Gross-production collections improve in January, but funding still lags.

Tulsa World

By RANDY KREHBIEL World Staff Writer

Published: 2/10/2010 2:24 AM
Last Modified: 2/10/2010 5:17 AM

Better-than-expected gross- production tax revenue lifted general-fund collections a little in January, but the state continued to lag far behind projections as well as last year's figures, Treasurer Scott Meacham said Tuesday.

"We're not out of the woods yet, but we are seeing positive movement," he said. "There has been some skepticism that the 10 percent cuts (to state agencies' budgets) we've instituted would be enough. This gives us more confidence that the 10 percent will get us through the year."

Legislative leaders weren't as enthusiastic.

"It remains unclear if we have reached the bottom of this financial downturn," House Speaker Chris Benge, R-Tulsa, said.

"There are some signs of an economic pulse nationally, but we may see a delay in those effects in Oklahoma until a strong demand for natural gas returns. It is also important to note that while collections have improved, they still remain 21 percent below the estimate."... FULL ARTICLE

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